Segment
Underwriting
Why water damage claims cost the industry more each year than severe weather claims
September 14, 2020 by Adam MalikWater is the primary reason for rising commercial property claims costs and experts are putting the blame squarely on one major issue: Deteriorating infrastructure. Some industry experts say a sharp increase in water damage caused by aging and inadequate pipes…
How bad Canada’s auto loss ratios are getting
September 11, 2020 by Greg MeckbachThe Canadian industry’s loss ratio in auto liability has deteriorated for the fourth year in a row, A.M. Best Company Inc. has reported. Meanwhile, the loss ratio in “auto personal accident” deteriorated nearly 10 points. It increased from 70.4% in…
How brokers can help mitigate risk when clients build in risky areas
September 4, 2020 by Adam MalikCost management needs to become a top priority if the property and casualty insurance industry wants to slow down the rise in premiums for the real estate sector. And to do that, an expert explained, both industries — insurance and…
Insurers adding pandemic exclusions in commercial policies that go beyond just BI
September 2, 2020 by Greg MeckbachMany insurers that did not start adding pandemic exclusions this past July may have to do so in January, a Winnipeg-based executive with commercial brokerage Gallagher reports. “The majority of insurers – or all insurers – are adding specific wording…
MGAs finding it harder to place this kind of commercial coverage
September 1, 2020 by Greg MeckbachIf you are finding it difficult to place business interruption insurance for restaurants, hotels and event venues, you aren’t alone. Aurora Underwriting Services Inc., an Alberta-based managing general agent and Lloyd’s coverholder, is still placing insurance for restaurants, company owner…
This car is orange. Do your clients know it won’t necessarily cost any extra to insure it?
September 1, 2020 by David GambrillDriving in the passing lane of the highway, your client sees in her rearview mirror an antenna pull up behind her. A horn blares. She pulls into the right lane, and an orange Lamborghini Aventador moves ahead, leaving her behind…
What is the future of ridesharing insurance in Canada?
August 27, 2020 by Jason ContantOnce autonomous vehicle technology becomes commercially feasible for public transportation, it will be widely adopted, predicts Obaid Rahman, vice president of commercial underwriting and specialty lines at Economical Insurance. “In my view, when autonomous technology is commercially viable for public…
How your advice can help flood-proof future real estate development
August 26, 2020 by Adam MalikThere’s not enough collaboration between stakeholders in Canada’s real estate sector and risk professionals with information about natural hazards, and real estate investments could drown as a result, an expert warned. If real estate is constantly being exposed to damage…
How possible is a hybrid insurance model for the sharing economy?
August 24, 2020 by Jason ContantBeing able to distinguish between personal and commercial usage is one of the biggest unique differences with underwriting for the sharing economy, but the abundance of data available makes a hybrid insurance model possible, Economical Insurance said recently. “You can…
What brokers should consider with seasonal properties during COVID
August 21, 2020 by Greg MeckbachIf any of your clients own cottages or seasonal properties with no one living there overnight permanently, you might want to find out if the COVID-19 pandemic has changed the way those properties are used. Robertson Insurance Brokers Ltd. has…
Economical to take over commercial ridesharing insurance coverage from Intact
August 21, 2020 by Jason ContantEconomical Insurance will replace Intact Insurance as the commercial auto insurer for Uber in four Canadian provinces effective Sept. 1. Waterloo, Ont.-based Economical announced Tuesday in a press release the “new and significant relationship with Uber in Canada, designed to…
Opinion: Preparing for future risk? Look to what’s happened in the past
August 20, 2020 Robert Muir-Wood, RMSWhen evaluating unexpected catastrophe risks, our experiences can be sparse. Widening our knowledge by going back in time, by exploring the ‘near-misses’ and by expanding our geographic horizons is critical. Fortunately, big catastrophes are rare. This is good in that…